Select Medical Holdings Corp recently signed an agreement to acquire Physiotherapy Associates Holdings Inc for $400 million in cash.

The transaction is expected to close in the first or second quarter of 2016. However, it is subject to a number of closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, according to a media release from Select Medical.

Physiotherapy Associates provides outpatient physical rehabilitation care—such as general orthopedics, spinal care and neurological rehabilitation, as well as orthotics and prosthetics services—via its more than 500 practices nationwide.

Select Medical operates 110 long-term acute care hospitals and 17 acute medical rehabilitation hospitals in 28 states, and 1,033 outpatient rehabilitation clinics in 31 states and the District of Columbia, per the release.

For more information, visit Select Medical.

[Source(s): Select Medical Holdings Corp, PR Newswire]